The present invention relates to electronic check presentment, and is particularly directed to an electronic check presentment with image interchange system and a method of operating an electronic check presentment with image interchange system.
Electronic check presentment (ECP) systems are known. One type of ECP system is disclosed in U.S. Pat. No. 5,237,159 in which one bank (i.e., a sending bank) captures MICR data from checks, generates cash letters based upon the captured MICR data, and electronically transfers check information including the captured MICR data and the generated cash letters to other banks (i.e., receiving banks). More specifically, the sending bank electronically transfers a cash letter and the MICR data associated with that cash letter to a respective receiving bank. The sending bank also sends the physical cash letter and the physical checks associated with that physical cash letter to the respective receiving bank. The receiving bank stores the electronic MICR data into a database and reconciles the electronic cash letter against the physical paper cash letter when the physical cash letter arrives from the sending bank. The type of ECP system disclosed in U.S. Pat. No. 5,237,159 may be described as an ECP with physical checks following system.
Another type of ECP system is an ECP with images following system. In an ECP with images following system, the sending bank also electronically transfers an image presentation file along with the check information including the captured MICR data and the generated cash letter to the respective receiving bank. The image presentation file includes check images which were earlier captured at the sending bank. The check images sent to the respective receiving bank correspond to the MICR data and the cash letter electronically transferred to that respective receiving bank.
Still another type of ECP system is ECP with images on request. In an ECP with images on request system, the sending bank electronically transfers the check information including the captured MICR data and the generated cash letter to the respective receiving bank. After the receiving bank reviews the electronic check information, the receiving bank requests images of only certain checks from the sending bank. The sending bank then sends to the receiving bank only those images of checks requested by the receiving bank.
The ECP with images following system and the ECP with images on request system may be more generically categorized as ECP with image interchange systems. It should be apparent that an ECP with image interchange system has a number of advantages over an ECP with checks following system. One advantage of an ECP with image interchange system is that physical checks may be truncated at the sending bank. Accordingly, physical checks are not transported from the sending bank to the receiving bank. Although an ECP with image interchange system has a number of advantages over an ECP with checks following system, no ECP with image interchange system is known to be installed or in operation today.